SVB Leerink Bullish On Silverback Therapeutics, Sees Diverse Pipeline

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Silverback Therapeutics Inc SBTX recently raised $277.7 million by selling 13.225 million shares in an initial public offering that were priced at $21 each.

The Silverback Analyst: SVB Leerink analyst Daina Graybosch initiated coverage of Silverback Therapeutics with an Outperform rating and $40 price target.

The Silverback Thesis: Silverback is a leader in the field of immune stimulator antibody conjugates, with a pipeline of ImmunoTAC conjugated TLR8 agonists for oncology and virology indications, Graybosch said in the initiation note.

Clinical data from the dose escalation trial of HER2-targeting SBT6050 due in 2021 could provide proof-of-principle for Silverback's ImmunoTAC platform, the analyst said. 

Related Link: The Week Ahead In Biotech (Dec. 27-Jan. 2): Data Releases, Regulatory Filings To Move Stocks

If HER2 tumors prove a challenge, Silverback will quickly have data from SBT6290 in bladder cancer, she said. 

"Beyond oncology, Silverback's discovery ImmunoTAC programs in virology and fibrosis add risk-mitigating diversification and provide near-term partnership/out-licensing opportunities."

SBTX Price Action: Silverback shares gained 1.37% in Tuesday's session, closing at $37. 

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Posted In: Analyst ColorBiotechPrice TargetInitiationSmall CapAnalyst RatingsGeneralDaina GrayboschSVB Leerink
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